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Windsor Brokers - Short Term Technical Analysis for Majors (14:30 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 28, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Has fully retraced the recent 1.3837/1.3710 decline, extending gains to test key near-term barrier at 1.3860, posted on 02 Feb. Sustained break here will open way for fresh phase of broader upleg from 1.2872, 10 Jan low, and expose 1.3945, 76.4% retracement and 1.3972 , 09 Nov 2010 high. At the downside, 1.37 zone offers strong support.

    Res: 1.3860, 1.3900, 1.3945, 1.3972
    Sup: 1.3815, 1.3785, 1.3759, 1.3710

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    GBP/USD

    Reversal from 1.6272/53 highs declined through 1.6100/1.6084 supports, finding ground at 1.6030, where the fresh strength has emerged. Gains accelerated after break above 1.61 and leaving higher low at 1.6190, ahead of return to 1.6240 so far. Immediate focus is at 1.6253/72, ahead of key barrier at 1.6297, Nov 2010 high, break of which will signal resumption of the broader uptrend from 1.5343, 28 Dec 2010 low. Overbought hourly conditions and congestion near 1.6240, warn of correction, but while 1.6160 holds, near-term bulls remain in play. Below the latter will sideline immediate bulls.

    Res: 1.6240, 1.6253, 1.6272, 1.6277
    Sup: 1.6215, 1.6185, 1.6160, 1.6135

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    USD/JPY

    Trades in near-term corrective mode, after finding temporary support at 81.61. However, gains were so far capped by 82.00 zone, with clear break here required to signal fresh recovery under way and open 82.30/50, ahead of 82.85/83.06 next. Failure to clear 82.00 would suggest an extension of broader weakness and open 81.55, trendline connecting 80.24/92 lows, and below 81.10/80.92 lows.

    Res: 81.94, 82.05, 82.31, 82.63
    Sup: 81.75, 81.30, 81.55, 81.10

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    USD/CHF

    Trades in a narrow consolidative range after loss of key 0.9301 key support triggered fresh weakness to post a series of record lows, with 0.9221 low seen thus far. Near-term studies favor fresh weakness towards 0.92/0.9150 initially. Current bounce higher is seen corrective while 0.9390 caps, and only break here to signal stronger correction.

    Res: 0.9316, 0.9327, 0.9390, 0.9432
    Sup: 0.9238, 0.9221, 0.9200, 0.9150

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